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Soybeans Firm as Rain Slows Midwest Planting

Positive COVID-19 case at Brazil port supports soybeans

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U.S. soybean futures firmed on Wednesday as a slowdown in plantings in the Midwest and forecasts for more disruptive weather lifted prices to two-week highs, although technical selling kept a lid on gains, reports Reuters.

After heavy precipitation across the Midwest in recent days, more rain is expected in parts of the region over the coming week, according to meteorologists.

Soybeans also drew some support from news that soybean exports at a berth in Brazil’s large Paranagua port were temporarily halted after a ship crew member tested positive for the coronavirus.

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